Explaining the Conditional Receipt Sample Clauses

Explaining the Conditional Receipt. The receipt provides proof of initial coverage and the insurer conditionally assumes the risk during the underwriting process; however, if the proposed insured diesduringthe underwriting process, benefits will be paid only if the insurer would have issued the coverage had the proposed insured been living. No benefits will be paid if the insurer would not have issued the policy as applied for. It is important to remember that the conditional receipt does not guarantee that the insurer will ultimately approve the application. It is your responsibility to explain this to the applicant.